State expands access to $10K down payment assistance program

LANSING, Mich. (WNEM) - Access to down payment assistance on homes in Michigan is expanding statewide.

The Michigan State Housing Development Authority (MSHDA) announced it’s expanding its MI 10K DPA program, which was previously offered exclusively to 236 zip codes. According to the organization, the program accounts for over 70 percent of current down payment assistance applications.

The executive director of the authority said it’ll help plenty of low and middle-income homebuyers overcome the biggest barrier to home ownership: the down payment.

“Since its launch, the MI 10K DPA program has been incredibly successful in helping make homeownership more attainable for people across the state,” said Amy Hovey, executive director at MSHDA. “Every Michigan resident has the right to safe and affordable housing, and by making the MI 10K DPA program available statewide we are giving more Michiganders access to resources that make homeownership an achievable goal.”

Affordable housing has been a major obstacle in Michigan. In 2019, 48 percent of renters and 18 percent of homeowners across the state paid more than 30 percent of their income on housing, according to the Statewide Housing Plan launched last year.

To qualify for the MI 10K DPA program, the borrower must complete a Homebuyer Education class and not have more than $20,000 in liquid cash assets. Home purchase price, total household income limits, and other restrictions apply.

As a result of the expansion, the $7,500 down payment assistance program will no longer be available.

For more information on the MI 10K DPA program, visit Michigan.gov/homeownership. To apply, connect with an experienced participating lender at Michigan.gov/housingeducationlocator.